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2003 (3) TMI 91 - HC - Income Tax
Whether the usance interest paid by the assessee apart from the purchase price of the ship would fall within the scope of the definition of the term "interest" under section 2(28A) of the Income-tax Act, 1961? - Whether the Appellate Tribunal was right in law and on the facts in deleting the disallowance under section 40(a)(i) of the Act for the failure on the part of the assessee to deduct tax at source from usance interest paid to a non-resident under section 195(1) of the Act? - Whether the Appellate Tribunal was right in law and on facts in holding that usance interest partakes of the character of purchase price and therefore not liable to deduction at source under section 195(1) of the Act? - Whether the Appellate Tribunal was right in law and on facts in allowing the deduction under sections 80HH and 80-I to the assessee holding that ship breaking activity gives rise to manufacture and production of altogether a new article or thing? - Whether the Tribunal was right in holding that usance interest was not "interest" as envisaged in the Double Taxation Avoidance Agreements?